According to currency traders in Abuja, the naira strengthened at the black market to trade at N1,615 per dollar, improving from N1,620 recorded the previous day. Bureau de Change operator Abubakar Alhasan, based in Wuse Zone 4, confirmed the improvement, noting a N5 gain on a day-to-day basis.
In the official window, the naira also edged higher, closing at N1,602.30 per dollar on Wednesday, compared to N1,602.63 on Tuesday. Though marginal, the N0.33 appreciation reflects a continued pattern of minor day-to-day corrections amid a volatile trading environment.
These gains mark a turnaround from Tuesday’s losses and come at a time when the naira has faced persistent pressure due to fluctuating demand and supply dynamics in the FX market. The appreciation may be viewed as a positive signal for market observers, although the broader currency trend remains turbulent.
Speaking on the matter, Comptroller General of the Nigeria Customs Service, Bashir Adeniyi, highlighted the toll that exchange rate instability has had on trade and customs operations in the first quarter of 2025.
“Chief among these was exchange rate volatility, which continued to affect trade patterns and customs valuation,” Adeniyi said during a briefing on Tuesday.
He revealed that the service recorded 62 exchange rate changes in Q1 2025 alone, with rates swinging between a low of N1,477.72 and a high of N1,569.53 per dollar, averaging N1,521.59 during the period. This constant flux, he noted, complicated import valuations and posed challenges for both traders and regulators.
While Wednesday’s currency appreciation is a welcome development, analysts suggest that broader structural reforms and sustained stability in monetary policy will be necessary to support the naira in the long term and reduce the economy's vulnerability to exchange rate shocks.